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Jan30
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Know More:
Herb Kelleher Be Yourself, Business Leadership, control, Core Values, Creativity, embrace paradox, Flexible, friendly, genuine, Great Leader, Herb Kelleher Management, Humor, Lead by Example, LUV, Management Style, participate, Southwest Airlines
For an organization to excel, it is necessary to build a culture of "mental ownership." Southwest's culture is supported by hiring, communication and other HR practices.
The idea that an HR department (it doesn't matter if it's two people) is developed in a way to support the culture of a company, is an extraordinarily valuable insight. It can't be underestimated.
What a bunch of problems, as they relate to our people, would be eliminated if this were the case at companies around the world. One of the greatest reasons this isn't the case, starts right from the beginning of knowing, recognizing and demanding a certain company culture. while many companies will talk about their culture, very few really practically follow through on really having one.
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Jan30
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The move by the Federal Reserve to cut interests another 50 basis points was what the market was hoping for, and what they got, and the Fed cut the rates for the second time in little over a week. The...
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Jan29
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Wal-Mart has landed a deal with Disney (NYSE:DIS) to offer "Hannah Montana" merchandise across its stores. Hannah Montana is the extraordinarily popular show which stars Miley Cyrus, who plays the role of a typical girl in the day, and becomes...
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Talking to Fox News on Tuesday night, Republican sources said Rudy Giuliani will announce he's quitting the presidential race, and will endorse John McCain. The move is precipitated by his third-place finish in Florida, where he wasn't near the top...
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While a lot of wealthy may think in terms of they would rather play than work, that's not the case for those on the list of Forbes 10 Wealthiest CEOs in the world, and every one of them would probably...
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"You do things when the opportunities come along"In the usual way that Buffett communicates, he understates a tremendously powerful strategy: that of waiting.There are a lot of managers and business leaders who think if they're not doing something dramatic or...
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Jean Preston had lived in a very modest home, and lived extremely frugally. She traveled by bus, and ate frozen meals. But within her home were extraordinary works of art which she had either bought, or in the case of...
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The House passed a stimulus package of $146 billion by an overwhelming 385-35, in an effort to help battle the possibility of a recession. While the initial cost is $146 billion, it will add another $15 billion next year, according to...
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Jan28
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"I’m never taking this to the PC!”That was the explosive response of Steve Jobs when members of the iPod team tried to get him to make it compatible with a Windows-based PC. After the iPod started outperforming expectations by far,...
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That's the conclusion made by Vox Day at his blog, based on a recent informal study of professionals in Britain. He says it's "increasingly understood that they're far more inclined to marital infidelity than the average woman."His assertion is pulled...
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Here's another funny, but dumb idea on this dumb Monday. British women will no longer have to pay more for a bra if they happen to be more endowed their their sisters: if they patronize Asda - a British retailer...
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I barely got on my computer today and I've already come across, within about two minutes, three stories that make me want to call this "dumb Monday." If I could count on this type of material every Monday, I'd have...
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Jan27
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The leader of the Mormon's, Gordon B. Hinckley, called president and prophet by its followers, has died at the age of 97 Sunday in Salt Lake City at his apartment. The announcement was made on the group's Web site.Hinckley had...
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Tesco has been in the Chinese market since a joint venture with a local operator in 2004. Their strategy to this point was to build large stores on the east coast of China, numering over 50 at this time. Now...
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Walt ran out of money, and his company Laugh-O-Grams went bankrupt. Instead of giving up, Walt packed his suitcase and with his unfinished print of The Alice Comedies in hand, headed for Hollywood to start a new business. He was...
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"Our job is to sell more than just the box"Welch foreseen long before most his contemporaries that much of the most profitable growth in the future for General Electric (NYSE:GE) would be related to services.He looked at the existing core...
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Jan26
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He started at the bottom — "My first assignment was to get a post office box so we could get literature describing the equipment we couldn't afford to buy"— and worked his way up to the rank of one of...
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With the Internet going on all cylinders in 2004, and Lego experiencing the worst loss in their history, many thought the company wouldn't survive the new era.It was in that atmosphere that Jørgen Vig Knudstorp was promoted to CEO of...
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In January 1984 she became anchor of the failing A.M. Chicago, a morning talk show that consistently placed last in the ratings. Winfrey did a complete overhaul of the show, changing its focus to current and controversial topics.There are a...
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Jan25
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Let by a weakening domestic market, Harley-Davidson Inc. (NYSE:HOG) reported a plunge in profits in the fourth quarter of 26.3 percent, citing concerns of their customers over the uncertain economy."The big thing is not lack of interest," CEO Jim Ziemer...
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"To me, consensus seems to be the process of abandoning all beliefs, principles, values and policies. So it is something in which no one believes and to which no one objects."I've wondered for a long time, after watching a number...
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The extraordinary, but not uncommon story of how a lone, rogue individual caused the French investment bank Societe Generale to lose $7.2 billion, underscores the need for new and better controls in the industry.It may even be worse, this guy...
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Jan24
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"Information is ... analytical and conceptual. But meaning is not; it is perception."When Peter Drucker was talking about this, he was differentiating between analysis and intuition, as well as the whole versus the some of its parts.Drucker asserted that "perception"...
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Online Wall Street Journal will be hybrid business model Rupert Murdoch, head of News Corp. (NYSE:NWS-A) which recently completed the acquisition of the Wall Street Journal, said he is going to partially open up the online financial site for free,...
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For WorkersAn announcement was made that congressional leaders had reached a deal for a stimulus package that will give those that file taxes a refund of between $600 to $1,200, and if they have children, there will be more for...
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Jan23
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"The key to Southwest's business success," he says, "has been defining the company's market niche and adhering to it."We tackle this issue off and on again at managersrealm, because it's one of the more vital issues any business will deal...
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"Buffett made a career out of taking the road less traveled."As with anything else in life, taking the road less traveled could be good or bad for you, and in business it's the same.Look at some of what are called...
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The confirmation by Starbucks (Nasdaq:SBUX) that it was starting to offer $1 cups of coffee in some of its Seattle stores caused a surge of speculation on what that means to the company.Some have felt they are in danger of...
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Jan22
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"The notion that it (iPod) would transform Apple from an also-ran computer outfit into a consumer-electronics powerhouse never occurred to anyone."These words by an industry observer are interesting in connection to Steve Jobs and Apple (Nasdaq:AAPL), as they show us...
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Even when including merger costs, Wachovia (NYSE:WB) way underpermformed expectations, as they were only able to birng in a net income of $51 million for the quarter, equal to 3 cents a share. Last year in the same quarter the...
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Make no mistake about it, the emergency measures to drop the overnight lending rate by 75 basis points by the Federal Reserve was a move to assuage the market, far more than concerns about a recession. The rate now stands...
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Once he returned from France, he wanted to pursue a career in commercial art, which soon lead to his experiments in animation. He began producing short animated films for local businesses, in Kansas City.What I want to mention in reference...
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Jan21
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The fierce competitive battle over the decades between the Rupert Murdoch and Kerry Packer is part of the legend and lore of the land from down under. So the announcement by sons Lachlan Murdoch and James Packer that they're negotiating...
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The state-controlled oil company of Brazil, Petroleo Brasileiro SA or Petrobras, claims to have made another huge energy discovery, this time a natural gas field that may be similar in size to the Tupi oil field, discovered late last year....
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The announcement by Electronic Arts (Nasdaq:ERTS) that they're going to offer a release of their popular game "Battlefield Heroes" as an online version only, which can be downloaded to a wide variety of computers, is a great study in how...
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Jan20
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Welch pushed his managers to become ever more productive. Inventories were trimmed, bureaucracies dismantled, and inefficiencies attacked with a vengeance.Jack Welch was prescient in one area after another, and the time after his reign at General Electric (NYSE:GE) continues to reinforce...
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Warren Buffett's ongoing acquisition of shares in Burlington Northern Sante Fe (NYSE:BNI) has become one of the most interesting financial spectator sports throughout January 2008, as from January 7, he has made a new purchase almost every day the market...
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"Knowledge power" supercedes "position power."During Andy Grove's younger years, of which he was a Hungarian Jew growing up with not only the threat of Nazis, but also the ensuing invasion of the Soviet Union in his country, his life was...
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Jan19
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Winfrey seemed to have a magic touch that could turn humdrum programs into interesting shows with solid ratings.On another blog it talks about whether it's better to be revolutionary or evolutionary in our products and services. You can find out...
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"Countries trade with each other - or to be more precise people buy and sell from each other across frontiers - because that is the way to advance their interests. We do not need to beg people to trade with...
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"Technology is not nature, but man. It is not about tools; it's about how man thinks."It's fascinating to me to hear Peter Drucker's insight into the nature of technology. Some may disagree with his comment, but if you look at...
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Brazil is one of the top four emerging markets companies are targeting for growth, with Russia, India and China being the others.Doing business in Brazil has its own, unique cultural rules one must follow, especially as it relates to how...
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"Cultivate a spirit of giving and make it a way of life not a technique."Herb Kelleher nailed it on the head here when talking the spirit that permeates a company. He completely lived his admonition above, as during his time...
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Jan18
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The strong global presence of General Electric (GE) helped the company grow its profits by 4 percent for the fourth quarter, encouraging other companies that international sales could buffer domestic weakness.For the first time in General Electric's history, global sales...
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“It was a mass hallucination, by far the biggest in my lifetime.”This was the comment of Warren Buffett after he was vindicated for not entering into the dotcom frenzy everyone else was so willing to participate in. During the period...
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In a research note, UBS analyst Neil Currie says he believes Wal-Mart (WMT) will enter the Russian market sometime in the next year or two."We believe expansion into Russia rounds out Wal-Mart's 'BRIC' (Brazil, Russia, India and China) exposure," UBS...
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Jan17
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Now that the ongoing parade of negative information in a few economic sectors is continuing to bombard us, it is a good time to maybe catch our breath and take a step back. For example, this report on the global...
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Merrill Lynch & Co. (MER) ended the fourth quarter with their largest loss, as they had to writedown $16.7 billion in subprime mortgage related assets. They ended the quarter with a record $9.83 billion net loss. Last year they had...
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It required something counterinstinctual from Jobs: the putting of old enmities aside.Steve Jobs has a quality that can be both a strength and weakness. His demand for what he wants has resulted in extraordinary product results, but as it applies...
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With the pressure building from the growing emotional response to the economic slowdown in the US, Ben Bernanke is backing a stimulus package in hopes of getting the economy growing faster.I'm personally uncomfortable with the idea of making these decisions based on...
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It's fun to watch the responses of the colleagues of scientists from the Stemagen Corp., who have reportedly become the first laboratory to produce cloned human embryos.Evidently a European laboratory has previously cloned human embryos, but through a different process...
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Jan16
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His ambulance was covered from stem to stern, not with stock camouflage, but with Disney cartoons.Walt Disney tried to enlist in the armed forces in the fall of 1918, but was rejected for being only sixteen. To get overseas and...
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After several months of checking her background and finances, the New Jersey state Casino Control Commission gave Ivanka Trump final approval to sit on the board of directors of Trump Entertainment Resorts. The company operates three casinos in the state.She...
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When he was selected as the new CEO of General Electric, Jack Welch was certainly not everyone's top pick. Jack Welch faced one of the most difficult situations anybody entering into a CEO position could possibly face.While not too many...
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Even though the housing and auto sectors of the economy continue to weaken, the overall economy continues to slowly grow, according to the Beige Book survey of regional banks by the Federal Reserve. Of the twelve Federal Reserve districts, seven...
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Oracle's (ORCL) acquisition of BEA Systems (BEA) offers an interesting look at a strategy that can be used to battle our competition. The huge price Oracle paid for the company raised a few eyebrows and questions as well. Peter Goldmacher...
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Jan15
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"It is the singular ability to inhabit both roles at once--subject and object, actor and audience, master and student--that sets Grove apart."What a powerful reality said in the words above of one of those writing about Grove's impact as a...
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A good article in the Motley Fool talks about fear and investing. Jim Mueller takes a couple of the great investors like Peter Lynch and Warren Buffett, and talks about their mentality as they invested in companies.Much if it talks...
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"I've learned that you can't have everything and do everything at the same time."One reason this is so important as it relates to management and business, is it keeps us from reaching prematurely for something. If we reach for something...
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Citigroup Inc. (C) has been open for business for 196 years, and this quarter they posted the largest losses in their history, ending at almost $10 billion. Write downs on subprime mortgages during that period reached a staggering $18 billion.Even...
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A report from the Wall Street Journal says that Sprint Nextel Corp. (S) plans on laying of a "few thousand" people, citing people close to the situation.While the company claims it's related to subprime mortgages and the economy, in reality...
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Jan14
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"It is in a country's interests to keep faith with its allies. States in this sense are like people. If you have a reputation for exacting favors and not returning them, the favours dry up."There's two lessons here as it...
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The neighbors with the two largest populations of any countries in the world have been increasing trade substantially over the last several years, and as a result have come together to find common ground on a number of issues, including...
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This morning on a segmant of MSNBC's (GE) "Morning Joe," former General Electric CEO Jack Welch said he doesn't believe there'll be any recession. A recession is defined as two or more straight quarters where the gross domestic product (GDP)...
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"Rank does not confer privilege or give power. It imposes responsibility."To this day the misconception that leadership is a power position and gives you privileges, is still very prevalent among people hoping to reach these heights. When Drucker says privileges,...
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Jan13
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Boeing Co. (BA) has officially signed an agreement with Gulf Air, the national airline carrier for Bahrain, for an order of up to 24 Dreamliner aircraft worth $6 billion.The deal is structured so there is a definite commitment for 16...
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"Celebrate everything."We've talked before about the idea of celebrating everything with Herb Kelleher, this time we'll look at the reasons why he had this as part of the way he operated Southwest Airlines (LUV).While celebration is fun and encouraging, and...
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In response to the British invasion of the streamlined and popular Tesco stores, Wal-Mart (WMT) will begin the launch of a new concept grocery store this year, starting Phoenix, Arizona area. The new stores will operate under the name "Marketside,"...
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“You’re neither right nor wrong because other people agree with you. You’re right because your facts are right and your reasoning is right – and that’s the only thing that makes you right. And if your facts and reasoning are...
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General Motors Corp. (GM) announced on Sunday that it was buying a stake in Coskata, Inc., a company working on providing cellulosic ethanol, an alternative fuel for automobiles.Getting past the obvious marketing ploy of the effort, let's look at it...
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Jan12
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Jobs is a master one-line marketer!One thing very few people are equal to Steve Jobs in is the ability to market something with a simple one-line message. He could speak something that would be taken as hyperbole if anyone else...
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For the third week in a row, the U.S. dollar declined against euro, as talk by Ben Bernanke (seen in video below) increases the likelihood there will be aggressive measures taken to escape a recession. It dropped by 1 percent...
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"His views and visions, came from the fond memory of yesteryear, and persistence for the future."One of the things that made Walt Disney extraordinary, was his ability to appreciate the past, acknowledge the present, and build toward the future. Not...
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Those banks in the United States which didn't enter into the shark-filled waters of subprime loans, will be in a strong position this year to benefit from the problems facing the industry.What we'll probably see in a linear way, will...
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"Small companies dream big dreams and set the bar high."The context of the above statement by Jack Welch was that a large company must act like a small, hungry company if it wants to thrive. It is interesting to note...
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Jan11
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... and probably will for 2008 also.Economic conditions drove consumers to discount retailers in the U.S. as they ended with with year-over-year increases, while the majority of other retailers stumbled during the Christmas season.Wal-Mart (WMT) performed within its guidance of...
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It decentralizes power. As the transistor was being invented, George Orwell, in his book 1984, was making one of the worst predictions in a century filled with them: that technology would be a centralizing, totalitarian influence. Instead, technology became a...
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"I know for sure that what we dwell on is who we become."This is nothing new to us who are always looking for ways to improve and become excellent, but it is a good reminder to consider at all times....
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We talked recently about the rewards and risks inherent for any company that would acquire Countrywide Financial (CFC). Now that Bank of America (BAC) unsurprisingly made the move, we'll talk a little more on how it will affect them.The details...
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"When we hear (as we sometimes do) that (Russia's) economic output is about half the level of a decade ago or that real incomes have fallen sharply, it is worth recalling that economic statistics under the Soviet Union were hardly...
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Jan10
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The increasing number of defaults by customers forced American Express (AXP) to take a fourth-quarter charge of $275 million. Write-offs for the fourth-quarter increased to 4.3 percent, up from the 3.7 percent in the third quarter. This year doesn't look...
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Rudy Giuliani has called for trillions of dollars in tax cuts which would lower corporate rates from 35 percent to 25 percent, and capital gains from 15 percent to 10 percent.The Republican candidate and his campaign released the plan on...
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With buzz ramping up on the rumor Bank of America (BAC) may be acquiring Countrywide Financial (CFC), the deal has to be explored from a risk/reward standpoint.Bank of America of course already infused Countrywide with $2 billion back in August,...
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The public got its first look today at the Tata Nano, a car built by Tata Motors of India, and has its lowest price tag at $2,500. That price of course has gotten it a lot of interest and buzz,...
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Capital One Financial Corp (COF) announced it was cutting its earnings projections for their fiscal year by 20 percent, as losses from loans continue to mount in the slowing economy.The company recorded its first quarterly loss since 1994 in the...
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Jan 9
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A Business Leaders' Greatest Skill?Those that are great business leaders, understand the difference between being efficient and being effective. The two are drastically different, and if one is done right, everything else falls in place, if it's done wrong, the...
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So far the news for the holiday shopping season is Wal-Mart (WMT) may have a very, merry Christmas. In the UK that is already a given, as Wal-Marts' supermarket chain in the country - Asda - has said it has...
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Target (TGT) announced and confirmed today that CEO Bob Ulrich will be retiring as head of the company at the end of April. He will be succeeded by president Gregg Steinhafel. Ulrich has been with the company since 1967, and...
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"Be nimble, quick and opportunistic."The idea of being "nimble, quick and opporunistic" would be agreed upon by most business leaders and managers, but it's important to understand what makes that a possibility in any company.Think in terms of a small...
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Jan 8
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The Federal Reserve Bank of Minneaopolis released the findings in their fedgazette concerning a study on the impact of Wal-Mart on a community. For the most part they debunk the grossly inflated, negative assertions, and say that overall they have...
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The respect with which Buffett treats his employees is characteristic of how he approaches all his relationships.This is one of the vastly underrated characteristics that usually fly by someone's thoughts. After hearing it most will say something like 'yea, yea,...
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In an announcement today, McGraw-Hill (MHP) said they would be cutting 611 jobs in the company, which resulted in a restructuring charge of $43.7 million. That will decrease fourth-quarter earnings by $27.3 million after taxes.Much of the restructuring centers around...
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Numbers released today by the National Association of Realtors via its Pending Home Sales Index revealed that pending sales for existing homes in the U.S. dropped in November. I mention this because it's a fairly new data point starting to...
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Jan 7
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The pressure from shareholders finally reached Bear Stearns (BSC) CEO James Cayne, and the 73-year-old leader is resigning from the company, said Businessweek, citing the Wall Street Journal.While not definitely confirmed, it is said he'll probably be replaced by current...
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Noting they've gotten off the track of what made Starbucks (SBUX) what it was, former and newly named CEO Howard Schultz said the company had lost its way concerning its purpose."We are going to fix it. There's going to be...
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When Jobs prepared to launch the first iMac, he was confronted by underlings who told him he was crazy.What's interesting about this particular situation, was the research connected to an all-in-one computer at the time confirmed what his people were...
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A report from the Wall Street Journal says McDonald's (MCD) is going to go all out in its attack upon gourmet coffee leader Starbucks (SBUX). It's nothing new that McDonald's is growing its gourmet coffee business, but it's the first...
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The public school system has again failed to filter out a teacher hired to teach our children.Beth Ann Chester, 26, was formerly charged on Saturday with several sex crimes against children. She had resigned from her job on December 27...
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Brought in to turn the company around, Daryl Brewster wasn't able to make it happen, and resigned from Krispy Kreme Doughnuts (KKD) today. He'll stay on until the end of January 2008. While he cited personal reasons as the reason...
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Jan 6
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Walt's optimism came from his unique ability to see the entire picture.Our first post on Walt Disney had us looking in part at his vision and dreams, which he was able to gather together from a variety of sources and...
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage."There is no doubt that Jack Welch was right in what he said then, and is still right today. Both execution and a learning...
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On my marketing blog I just mentioned the power of marketing the future, and what it means to a company. With that in mind, I came across another announcement at the Consumer Electronics Show by General Motors (GM) CEO Rick...
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A penniless immigrant from an environment entirely unlike that in the United States comes here and winds up at the center of the industry which is at the center of the future.In times of pressure and problems that seem to...
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Jan 5
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With Tesco entering the U.S. market and looking to compete in a number of product categories with Wal-Mart (WMT), I guess it's only fitting that Wal-Mart reach out and grab a former Tesco leader, and they did just that. The...
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By bringing in the best and then taking himself out, Buffett was sending the message that he had complete confidence in his staff. In turn, his staff rewarded him with hard work and loyalty.No words can create loyalty among our...
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The recent release of the jobs report fueled fears the U.S. economy may be heading for a recession. After the numbers came out, President Bush gathered his economic advisers together to figure out what to say to the American public...
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After a disappointing Christmas shopping season, Lillian Vernon had to lay off 25 percent of its workforce on December 20.Commenting on the reason for the lay offs, company CEO/president Michael Muoio said, “The most damaging was the postal rate increase...
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"Look, our company’s too complicated"These were just about Jobs' first words and his main concern when coming back to Apple (AAPL) after being kicked out. At that time the company had a line of almost a dozen computers, which he...
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Jan 4
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His Impact on the WorldI remember some time ago when a former Chinese leader was asked the question on what the effect of the French Revolution had on world history. The response was telling in the way he viewed time....
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This article talking about the Fox Business Network was timely to me, as I was just thinking about not hearing too much about them since they launched.While there was a huge push upfront, and a lot of media interest, since...
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"GE Medical spent $80 million building a state-of-the-art training center, complete with a TV studio, to develop educational programming."In reference to Jack Welch and General Electric (GE), I continue to hit on the theme of looking at existing knowledge and...
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The announcement by Sony (SNE) BMG that it would start offering digital music downloads free of digital rights management (DRM) is a good study in unintended consequences within an entire industry.As mentioned here, "The reasoning behind using DRM software was...
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"It's specialized."These are the words Andy Grove used years ago to describe new economy that was emerging. Referring to the old economy being founded on the idea of mass marketing, production and media, he saw the new way of doing...
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Jan 3
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For the first time since 1931, Ford Motor (F) isn't the No. 2 seller of automobiles in the U.S., said Ford historian Bob Kreipke, who works for the company in that capacity.While numbers for Toyota Motor (TM) also declined in...
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Jan 2
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"What we're all striving for is authenticity, a spirit-to-spirit connection." To me, this is one of those statements that can cover almost all aspects of a business, and answer the majority of questions and problems it may experience. Authenticity! Those...
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For the first time in history crude oil hit the $100 per barrel mark, amidst concerns over U.S. crude inventories dropping for the seventh week in a row, and also whether turmoil in Nigeria could disrupt the flow of oil...
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This year, as in many election years, we've seen a number of states attempt to disrupt the process by challenging the dates set and announcing their own. One reason why is they want to be considered more important in the...
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Jan 1
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"Success is having a flair for the thing that you are doing; knowing ... that you have got to have hard work and a sense of purpose."There is a secret hidden in Margaret Thatcher's words that I want to draw...
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"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity."What I particularly like about this statement of Peter Drucker, is that an entrepreneur, and by extension, an entrepreneurial company, doesn't wait for change to happen...
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I found this story about a man who got tired of the corporate world and decided to go into business for himself, enlightening from the point of view of what industry we choose to enter into as managers.The story itself...
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"Be a force in readiness."How does a business, along with its leadership and people become a force in readiness, as Kelleher admonishes? First we need to understand one important thing: readiness can never apply to covering all eventualities. That's not...
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A regulatory filing by H&R Block (HRB) reveals that former CEO Mark Ernst will be receiving a $2.55 million severance, along with full vesting on 762,925 stock options.Ernst, who was fired last month, as the subprime lending collapse resulted in...
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